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BoA CLI request causes HP on Transunion

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Settemio
Regular Contributor

BoA CLI request causes HP on Transunion

I just passed my 6 month mark with this new card. It has a 5k limit. I had used about 2500 of it with a balance transfer. I paid that off recently which left a 0 balance. I went online after the 6 month mark and used the online tool to request an increase in credit limit. I don't recall it notifying me there would be a hard pull. I got the 3-5 day message... and later that day was alerted by my credit monitoring service that BoA had hit Transunion. I am not sure about the 3-5 day notice, which is most likely a denial... I am only using about 15% of my total credit, and I have used their card since I received it and it now has a 0 balance.

 

Side issue - The other annoying thing about this card from them that I learned is that it doesn't report a credit limit to the credit agencies. I called them and asked and they said that is because the card allows you to go 'over the limit' so you are not denied, as long as you pay the excess before the statement. The other negative of this is that it reports to the credit agencies that you are using 98% of the card no matter how much you have on it... as you know, the agencies do not like to see you have more than a 90% utilization on any card... I am not sure I will use this card any longer because of that... maybe if I use it and pay off the balance before the statement date...

Message 1 of 7
6 REPLIES 6
navigatethis12
Valued Contributor

Re: BoA CLI request causes HP on Transunion

While I do not get the 3-5 notice(the message says to ring in for a decision), I never get an instant increase. I reckon if you ring them you will get what you asked for or countered for a lower amount. You can request that it be downgraded to a Visa Platinum card and it will report the limit. Visa Signature is overrated in my opinion and having a card report over the limit does not look good to other lenders.

Message 2 of 7
FinStar
Moderator Emeritus

Re: BoA CLI request causes HP on Transunion


@Settemio wrote:

I just passed my 6 month mark with this new card. It has a 5k limit. I had used about 2500 of it with a balance transfer. I paid that off recently which left a 0 balance. I went online after the 6 month mark and used the online tool to request an increase in credit limit. I don't recall it notifying me there would be a hard pull. I got the 3-5 day message... and later that day was alerted by my credit monitoring service that BoA had hit Transunion. I am not sure about the 3-5 day notice, which is most likely a denial... I am only using about 15% of my total credit, and I have used their card since I received it and it now has a 0 balance.

 

Side issue - The other annoying thing about this card from them that I learned is that it doesn't report a credit limit to the credit agencies. I called them and asked and they said that is because the card allows you to go 'over the limit' so you are not denied, as long as you pay the excess before the statement. The other negative of this is that it reports to the credit agencies that you are using 98% of the card no matter how much you have on it... as you know, the agencies do not like to see you have more than a 90% utilization on any card... I am not sure I will use this card any longer because of that... maybe if I use it and pay off the balance before the statement date...


CLIs are seldomly SP for BofA, unless it's an auto-CLI or if the account is elegible.  Since it resulted in a HP, you can always contact their underwriting department to re-review your request and see if there is room to reconsider (in the event it was declined).

As far as your CL not reporting, the likely cause is that you probably have a Visa Signature product.  BofA Signature products do not report the CLs to the CRAs when factoring utilization.  The question would be, do you value or use your Signature benefits?  Otherwise, consider converting your card to a Platinum version, which can be done via online chat or by calling the # on the back of your card. 

Message 3 of 7
Settemio
Regular Contributor

Re: BoA CLI request causes HP on Transunion

I just called the back door number. He was very good to work with. He took more information and approved my increase. We also changed from the signature to the platinum so that it reports properly to the credit agencies... Oh and he lowered my rate Smiley Happy

Message 4 of 7
atarvuzdar
Established Contributor

Re: BoA CLI request causes HP on Transunion

Way to go Smiley Happy

FICO 8: EQ 846 / TU 836 / EX 832
AMEX Platinum / BofA Cash Rewards Visa Sig $99,900 / Chase CSR $43,400 / Citi Double Cash $39,600 / AMEX EveryDay $30,000 / Discover It $26,000 / Gemini $25,000 / JetBlue $25,000 / Chase Freedom Unlimited $22,500
Message 5 of 7
Gatortrout
Regular Contributor

Re: BoA CLI request causes HP on Transunion

Congrats!

Next time I sacrifice a HP it will be for same thing.
Message 6 of 7
MsLadyRover
Valued Contributor

Re: BoA CLI request causes HP on Transunion

Success! Congrats!



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